Eligibility of borrower:

• Having Current account/ Saving account holder of the Bank.
• Borrower/Partners/Directors/Guarantors must be a member of the Bank. 
• Borrower must have an existing loan with the Bank.
     

Purpose of Loan:

• To provide immediate financial assistance to existing regular customers for restoring businesses affected by the flood.

  Customers whose residential house, flat or society premises have been affected due to ingress of flood water, resulting in damage to household goods, valuables, electronic equipment or the structure of the house, shall also be eligible for this loan.   

Rate of Interest and Loan Amount:

• Maximum loan amount: ₹5,00,000/-
• 10.00% per annum
• No interest rebate shall be applicable.

Repayment period:

• Maximum repayment period: 60 months
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Primary Security:

   The applicant must provide any valid security, such as:

• Original property documents;
• Property supported by possession receipt;
• Fixed Deposit (FD);
• Gold;
• Stock hypothecation; etc.

Such security must be under the legal or physical custody/control of the Bank, as applicable, including under Bank’s Mortgage / Additional Charge

Exemption from Additional Security:

• If the value of the existing security is sufficient to cover the proposed new Flood Relief Loan, the customer shall not be required to provide any new/additional property as security.

Proof of Residential / Business Damage:

The applicant shall submit evidence of damage caused by the flood, such as:

• Photographs / videos of the premises taken during the period when flood water had entered;
• Photographs of the damaged factory / shop / stock / machinery / household items, along with proof of ownership;
• Survey report prepared by any authorised/relevant agency; or
• Any other acceptable evidence establishing the damage caused by the flood.

Processing Charges:

•  As this is an assistance/relief loan, processing charges will be:

          ₹500/- + applicable GST

Other Terms & Conditions:

The loan amount shall be utilised only for:

• House repairs;
• Painting;
• Purchase/making of new furniture; or
• Purchase of new household articles.

A valid quotation from a contractor shall be submitted for the proposed repair/renovation work. The loan amount shall be disbursed/paid to the concerned contractor against the approved purpose.